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The $12,400 is the standard deduction which reduces your taxable income. You find your total refund on line 34 of Form 1040 if you are getting a refund (balance owed is on line 37).
If you didn’t get your full first and second stimulus payments, you may be eligible to claim the Recovery Rebate Credit on your 2020 tax return.
To claim the credit in TurboTax, please follow these steps:
The Recovery Rebate Credit will be included in your total refund shown on line 34 of Form 1040 and in TurboTax.
The third stimulus payment that is currently issued is $1,400 but will be paid separately from your 2020 tax return. Please see How will the third stimulus impact me? for additional information.
To be eligible for the recovery Rebate Credit you need to be a U.S. citizen or U.S. resident alien in 2020 and have a Social Security number that is valid for employment.
You cannot be claimed as a dependent by someone else to be eligible.
Your credit amount will be reduced if your 2020 adjusted gross income (AGI) is more than:
Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above. (IRS FAQ Recovery Rebate Credit )
I'm very sorry for your loss and wishing you strength through this difficult time.
The $12,400 is NOT part of the refund ... that is ONLY the standard deduction amount for a single person. READ the form more carefully.
If your filing status is Single the $12,400 is your standard deduction---it is not your tax refund. Your tax refund is shown on line 34 of your Form 1040. Or if you owe tax to the IRS it is on line 37.
If you used the recovery rebate credit section to enter the stimulus money you have received so far, then the amount you should still get (if any) is shown on line 30. That amount from line 30 is included in the amount that went to line 34.
PREVIEW 1040
https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing
Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
No that does not include the latest stimulus amount of $1400. That is a separate payment that you can check on the IRS site.
TurboTax cannot track your 3rd stimulus or tell you when it will arrive. The IRS is issuing 3rd stimulus checks on its own timetable.
You can use the IRS Get My Payment site to see what is expected for your 3rd stimulus check:
https://www.irs.gov/coronavirus/get-my-payment
https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions
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